Bayer CropScience announces settlement of biotech rice litigation.
M2 EQUITYBITES-July 4, 2011-Bayer CropScience announces settlement of biotech rice litigation(C)2011 M2 COMMUNICATIONS http://www.m2.com
Producer of agricultural chemicals Bayer CropScience has reached settlement agreements with attorneys representing US long-grain rice growers in the biotech rice litigation, the company announced on Friday.
Under the terms of the agreed settlements, Bayer CropScience will pay up to USD750m to resolve claims submitted by growers. The settlement programme will be open to all US farmers who had been growing long-grain rice during the period of 2006 through 2010.
The company said that settlement agreements have been reached with two groups of lawyers. One agreement involves those cases that are a part of the federal multi-district litigation; the other involves those cases in state courts.
BrownGreer PLC will administer the settlement processes for both agreements. Rice growers have a 90-day period in which to submit their claims.
Bayer CropScience believes that it acted responsibly in the handling of its biotech rice; however it considers it important to resolve the litigation so that it can move forward focused on its fundamental mission of providing innovative solutions to modern agriculture.
Bayer CropScience recommends all rice growers interested in participating in the settlement programme to consult a lawyer in regard to their claim submissions. The settlements are contingent on the participation of a sufficient number of growers to represent at least 85% of US long-grain rice acreage.
Bayer has reportedly already established appropriate provisions for the settlement programme.
Bayer CropScience is a business division of Bayer AG (FRA: BAY) (OTC:BAYRY).
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|Date:||Jul 4, 2011|
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